Cineworld and Picturehouse are both up for sale, as their US parent company opts to sell some of its assets. More here.
The Cineworld and Picturehouse chains in the UK may be on an even footing, but they’re also influenced by the less steady hand of their US parent company, Regal.
It’s been known for many months that Regal has been facing heavy financial pressures, and these came to a head when Cineworld filed for bankruptcy protection in the US last September.
Plans to restructure the company, which is said to have a debt mountain that has the word ‘billion’ at the end, have hit a roadblock. Now, Regal has confirmed that it’s going to sell its assets, which means that Cineworld and Picturehouse by consequence are up for sale.
Non-binding bids, reports Deadline, are expected in the US by February 16th, at a point when Regal says the business has stabilised.
AMC had been a candidate to take over the Regal group in some form, but that story has been played down.
We should have a clearer idea as to the future owner of Cineworld and Picturehouse in the months ahead. As always, the very best to the staff of the respective chains, who are caught in the middle of all of this.
Deadline
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